Common use of Alert Information Clause in Contracts

Alert Information. As alerts delivered via SMS, email and push notifications are not encrypted, we will never include your passcode or full account number. You acknowledge and agree that alerts may not be encrypted and may include your name and some information about your accounts, and anyone with access to your alerts will be able to view the contents of these messages. By furnishing us with the names of payees/merchants, you authorize us to follow the payment instructions to these payees/merchants that you provide us through Online Banking. When we receive a payment instruction (for the current or a future date), we will remit funds to the payee on your behalf from the funds in your selected checking account. When Online Banking receives a payment instruction, you authorize it to charge your checking account and remit funds on your behalf so that the funds arrive as close to the business day designated by you as reasonably possible. While it is anticipated that most transactions will be completed on the exact day designated, it is understood that due to circumstances beyond the control of ▇▇▇▇▇▇ Five Bank, particularly delays in handling and posting payments slow-responding companies or financial institutions, some transactions may take a day or even a few days longer. For this reason, it is recommended that you select a Scheduled Payment Date that is no later than the actual Due Date, not the late date, reflected on your ▇▇▇▇▇▇ statement unless the Due Date falls on a non-Business Day. In addition to any other disclaimer of liability in this agreement, the maximum damages that the Bank can suffer as a result of a breach of the Agreement or failure to timely pay is limited to the maximum amount of $50.00. In any other event, including, but not limited to, choosing a payment date that is later than the actual due date, the risk of incurring and the responsibility for paying any and all charges or penalties shall be borne by you.